New program helps small business owners in Utah

Wednesday, December 20, 2017

Are you a small business in Salt Lake City and feel like you have hit a wall? Annie Davis, Marketing and Research Manager at the Salt Lake City Department of Economic Development, and Clark Cahoon, TCIP Fund Director at the Governor's Office of Economic Development, joined Emily Clark with a solution for you.

It's called the Technology Commercialization and Innovation Program. This program helps local companies, even University teams, that have great ideas to infuse capital and bring them to fruition. It's run by the Governor's Office of Economic Development.

Cahoon says the time is now to apply for funding, and you have until November 20, 2017 to submit. $2.5 Million will be given away this year, with around 25 businesses receiving $100,000 to $200,000 grants.

The department will be choosing companies that not only have great technology, but a great team to execute and understand their market. The review committee consists of over 40 people who look at applications.

Davis says Utah was recently ranked number 8 in the nation by Wallet Hub for being one of the most innovative states. She says this program is another tool to make sure Salt Lake City and Utah continue on the path to become nationally recognized for being innovative and becoming a tech hub.